Fed Chairman Ben Bernanke is one of the best contrarian indicators one could possibly find. Yesterday, Bernanke told the House Financial Services Committee that the U.S. economy is in a “nascent” recovery.

Given his historical track record of complete failure on matters like housing, the recession, and jobs, his yapping about the “nascent” recovery suggests the very best we can expect is for the recovery to stall, and more likely enter a double dip recession if not completely collapse.